The New York spring auctions, starting on May 12, are being affected by political and economic turmoil stemming from President Trump's second term. Key auction houses such as Phillips, Christie's, and Sotheby's report lower estimates and fewer consignments due to market uncertainty and tariffs, leading to an anticipated total of $1.1bn to $1.5bn—the lowest since 2010. Experts believe these sales could set a precedent for future art market performance under the current administration, reflecting ongoing challenges within the market.
"Our sales next week would have been larger had the tariffs not happened," he tells The Art Newspaper.
"Tariffs and ensuing stock-market fluctuations really came at the worst time-exactly what a tricky market didn't need," Clare McAndrew said.
"These sales will be closely watched as the first to establish the floor for what we can expect under the new administration," says the art adviser Alex Glauber.
"The number of lots catalogued is the lowest of any May marquee sales week since 2007-not accounting for the Covid-19 pandemic years..."
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